Michael van de Poppe told his followers on Twitter that a successful retest of this support level could be the end of the correction and consolidation of the first cryptocurrency. Therefore, at this level, it is worth buying bitcoins.
Classic choppy pattern on #Bitcoin.
Rejects at $27,200 and consolidates, as CME gap is also around $26,900.#Bitcoin needs to break and flip $27,200 if we want to see any sustained momentum.
Beneath us, at around $26,000-26,500 -> 200-Week MA. pic.twitter.com/4rvuHlyjxe
— Michael van de Poppe (@CryptoMichNL) May 21, 2023
“Looking back, the 200-day moving average retest has always proven to be a great time to accumulate bitcoin. Over the past six months, Bitcoin has been below this indicator for a long time, which makes it undervalued. The next week will be key – a quick retest and a bounce up will mark the end of the BTC correction, ”the cryptanalyst argues.
Michael van de Popp is confident that to confirm future growth, Bitcoin needs to gain a foothold above $27,000: this will show the mood of bullish investors. If BTC fails to conquer and hold the mark, then it will most likely roll back to $26,000 or $26,500. On Monday afternoon, May 22, the first cryptocurrency is trading at $26,800.
Previously, Michael van de Popp said that the crisis in the US banking sector could trigger the rise of Bitcoin.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
